FE fundinfo’s Helen Slater: Regulatory simplification won't solve asset managers' biggest data challenge

In this article, Helen Slater, Regulatory Manager at FE fundinfo, shares her analysis on the FCA’s regulatory simplification, and outlines what asset managers should be thinking about beyond the changes themselves.

This article by Helen Slater, Regulatory Manager at FE fundinfo, was originally published in Wealth DFM in October 2026.

The FCA’s new consultation, Fund Reporting for Asset Management Entities (FRAME) represents a significant rethink of how asset managers report fund data to the Regulator. Launched on 14 July, the proposed framework aims to simplify existing reporting requirements while improving the quality and consistency of the data the FCA receives.

Under the proposals, existing fund reporting requirements would be replaced with consolidated forms, some notification requirements would be reduced, and reporting obligations would become more proportionate to the risk posed by different funds.

The direction is a positive one. At present, different reporting requirements across fund types produce inconsistent data that the FCA says can be difficult both for firms to report and for the Regulator to interpret. FRAME is intended to address that by creating a more consistent regulatory reporting framework, with the FCA aiming for the new regime to be fully implemented in 2028.

But there is an important distinction between improving the consistency of data reported to the Regulator and addressing the data challenges that exist within asset management firms themselves. FRAME can change what firms submit and create greater consistency around regulatory reporting, but it cannot, by itself, resolve fragmented fund data across legacy systems and disconnected platforms.

The industry’s own experience reflects this wider challenge. FE fundinfo’s 2026 asset manager report found that 65% of asset managers say fragmented fund data is preventing their organisation from improving operational efficiency. It also found that 64% believe AI will only deliver meaningful value if firms first improve the quality and structure of their underlying data, while 69% say the speed and accuracy of fund data are becoming more important differentiators in winning and retaining distribution partners.

Together, these findings point to a challenge that extends far beyond regulatory submissions. FRAME is set out to create a simpler and more consistent way for firms to report information to the FCA, but the quality of that reporting will still depend on firms being able to access, govern and reconcile the underlying data efficiently in the first place.

Where regulatory simplification meets operational reality

FRAME gives firms an opportunity to rethink how regulatory reporting works, but many will still face the operational bottlenecks that sit behind the reporting process itself. Consolidating reporting requirements can make submissions more proportionate and reduce duplication, but firms that continue to reconcile fund data across disconnected sources will still have to address those issues before information reaches the regulator.

This distinction matters because regulatory reporting is ultimately the output of a much broader data process. Submissions depend on information being collected and managed across areas including portfolio management, operations, compliance and distribution. Where those systems are fragmented, producing consistent and accurate information can still require significant manual intervention.

The FCA itself recognises the importance of the underlying information. In its FRAME consultation, it notes that good-quality fund data helps it identify potential consumer and market harms, including inaccurate asset valuations, liquidity issues and poor-value products. Its proposals are therefore designed to make reporting more proportionate while increasing the quality and consistency of the information it receives.

For asset managers, that creates an additional reason to examine the infrastructure sitting beneath their regulatory reporting. If FRAME creates greater consistency in what is submitted, firms need to be confident that the information feeding those submissions is itself governed consistently, traceable to its source and accessible across the organisation.

That means strengthening data governance, reducing unnecessary duplication between systems and creating clearer lineage around how fund information is maintained and distributed. Those foundations matter not only for regulatory reporting, but for the wider operational demands being placed on asset managers as distributors and new technologies increasingly depend on timely and accurate fund data.

FRAME is therefore a welcome opportunity to make regulatory reporting more consistent and proportionate. But firms should not mistake improvements to the reporting framework for a solution to the underlying data fragmentation that makes reporting difficult in the first place. Those that use the transition as an opportunity to strengthen their data foundations will be better placed to benefit from the new regime, while also addressing a much broader operational challenge.

Feature

09 Oct 2026

FE fundinfo’s Helen Slater: Regulatory simplification won't solve asset managers' biggest data challenge

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